Bank of Maldives

Bank of Maldives Plc (BML) is the leading financial institution in Maldives inaugurated on November 11, 1982. They are a full-service bank engaging across the complete spectrum of personal, business and corporate financial services with 285,000 customers.[1]

Bank of Maldives Plc
Public
IndustryFinancial services
FoundedMalé, Maldives (1982)
Headquarters
Malé
,
Republic of Maldives
Key people
Tim Sawyer (CEO and Managing Director),
Revenue MVR 2.8 billion (2019)
MVR 662 million (2019)
Total assets MVR 22.6 billion (2019)
Number of employees
950 (2019)
Websitebankofmaldives.com.mv

Bank of Maldives has an extensive network of branches, agents, relationship managers and online banking facilities.[2]

History

Bank of Maldives was inaugurated on November 11, 1982 and began commercial operation as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh.

In December 1992, the Government decided to sell the Bank's shares to the general public. With this decision, Bank of Maldives became a public company on January 1, 1993.

Financial inclusion

Today the bank is present in every inhabited island through a branch, outlet, self-service banking ATM or an agent service. Bank of Maldives currently have nationwide network of 38 branches across all 20 atolls. The bank has 50 Self-Service Banking Centers, 115 ATMs, 277 agents and a full suite of Digital Banking services.[3]

Bank of Maldives (BML) recently opened their second business centre in the Greater Male’ Region at Renaatus Ithaa Muiy, Hulhumalé as a part of the bank's continuing support for businesses in 2019.[4] Dedicated Relationship Managers at the Business Centre will provide support for SMEs on a range of business banking and advisory services including applications for accounts, loans, credit facilities and merchant services including POS and Payment Gateway.[5]

Investment in technology

In the last few years, Bank of Maldives has paved the way for digital banking with mobile and self-service technology to improve customer experience, choice and convenience. This has resulted in 90% of customer transactions being carried out online.[6]

In 2019, Bank of Maldives introduced a new mobile Point-of-Sale (mPOS) payment solution that allows retailers to transform smartphones into payment terminals to accept electronic payments. These new payment solutions allow customers to make payments by scanning the QR Code at retailers or pay for goods from anywhere by clicking on the payment link which merchants send through message, online messaging apps or email.[7]

Bank of Maldives was the first to introduce internet and mobile banking, self-service banking and contactless payments in the country.[8]

Customer service

Services for personal customers include Accounts, Loans, Credit Cards, Debit Cards, Internet Banking, and Mobile Banking through a nationwide network. Services for businesses include Accounts, Loans, Card Acquiring, Trade Services, Treasury Solutions, Payment Gateway, and E-Banking Solutions, all supported by Dedicated Relationship Managers and Product Specialists.[9]

In 2018, the bank's internet banking portal was enhanced which enabled personal banking customers to apply for services such as account opening, loans or cards at their convenience online without having to visit a branch or wait in a queue.[10]

A hassle-free international money transfer platform was introduced through BML MobilePay that is cost-effective and fast in 2018 as well.[11]

Islamic banking

Bank of Maldives launched Islamic banking services under the name "BML Islamic" on 22 January 2015.

Bank of Maldives continues to introduce Shari’ah compliant alternatives to their conventional products with the introduction of financing product and a competitive alternative for business customers. In 2019, BML Islamic introduced three new Savings and Investment Accounts for personal and business customers, adding to its growing portfolio of Shari’ah compliant banking solutions.[12]

Customer deposits are maintained in a separate fund that is utilized exclusively for Shari’ah compliant purposes, overseen by the bank's Shari’ah Advisory Committee which includes internationally renowned Shari’ah scholars in the field of Islamic finance.[13]

Investment in community

Bank of Maldives continues their investment program during in order to support local individuals, businesses and communities. It was reported that the bank had spent MVR300 million under their ‘Aharenge Bank’ initiative in 2018.[14]

The bank adds to its portfolio of community service by supporting more than 110 projects which supported charitable, educational, sports and environmental causes across the country.[15]

In 2019 February, Bank of Maldives introduced the 'Aharenge Bank' Community Fund, a nationwide campaign to empower individuals to contribute to society by conducting sustainable community projects.[16]

Awards and recognitions

Bank of Maldives has won the coveted ‘Asia’s Employer Brand’ from the World HRD Congress and the Employer Branding Institute for three consecutive years.[17]

BML was recognized for its commitment to people excellence and its progressive policies in the areas of recruiting, developing and retaining talent.[18]

gollark: PALM can even understand jokes and such.
gollark: It can deduce things sometimes. There's an example somewhere.
gollark: Would most *humans* actually know about the relevant foundations of arithmetic? I think that axiomatic set theory isn't that popular.
gollark: How can you tell what it doesn't understand except based on its inputs/outputs?
gollark: You're basically just assuming how it works internally in order to claim that it's doing certain things internally.

References
  1. https://corporatemaldives.com/gold100/bank-of-maldives/ Gold 100, Corporate Maldives
  2. https://corporatemaldives.com/gold100/bank-of-maldives/ Gold 100, Corporate Maldives
  3. https://mbr.mv/8134/ Velidhoo Branch Opening, MBR News
  4. https://mbr.mv/8102/ Business Centre, MBR
  5. https://mbr.mv/8102/ Business Centre, MBR
  6. https://avas.mv/en/56566 Digital technology, Avas
  7. https://edition.mv/business/12986 mPOS launch
  8. https://edition.mv/business/12986 mPOS launch
  9. https://corporatemaldives.com/gold100/bank-of-maldives/ Gold 100, Corporate Maldives
  10. https://corporatemaldives.com/bml-introduces-online-applications-for-range-of-services/ Introducing online applications, Corporate Maldives
  11. https://edition.mv/news/6377 OIMT, The Edition
  12. https://avas.mv/en/58747 BML Islamic launches new accounts, Avas
  13. https://avas.mv/en/58747 BML Islamic launches new accounts, Avas
  14. https://en.sun.mv/53211 Record profit, Sun
  15. https://mbr.mv/5047/ Profits, MBR
  16. https://mbr.mv/5047/ Profits, MBR
  17. https://avas.mv/en/68463 Employer Brand, Avas
  18. https://avas.mv/en/68463 Employer Brand, Avas
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